More than 60% of the changes for Linux 3.5-rc5 are driver related while 3.5-rc5 is a smaller patch in size than the 3.5-rc4 kernel.
From the kernel mailing list:
Another week, another -rc. This one looks more normal than rc4, in that drivers are back to the more usual 60+%. Probably because there's a networking pull in here, which rc4 didn't have.
The diffstat also looks uglier, because while *most* of it is nice and small, the printk fixes do stand out a bit. But it was a real regression from 3.4, so it's not like it's questionable. UDF also got more careful about corrupted filesystems at mount-time, and that also shows in the diffstat, but that's at least partly because some of the checks were cleaned up an dmoved to a helper function while making them more complete. So the actual change is smaller than it looks.
So nothing really worrisome in here. Despite the networking merge (which tends to be fairly big), -rc5 is a smaller patch than -rc4 was, even if there are a couple more commits in there. So things seem to be going in the right direction.
So: networking updates, media fixes, some small arch updates (x86, arm, ppc), and some random noise.
Let me (and lkml) know if you have any pending regressions.